Category: Business

KARACHI: Ten banks found themselves in the crosshairs of the State Bank of Pakistan (SBP), for violation of Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) provisions. Collectively, the fines add up to Rs805 million, and all actions were taken in the month of August. The SBP followed up the action by making public the […]

The National Electric Power Regulatory Authority (Nepra) on Friday announced that it has found K-Electric responsible for 19 out of 35 electrocution cases and breakdown of power supply for prolonged periods during the recent spell of heavy rains in Karachi. In the months of July and August, Karachi had experienced widespread monsoon rains that wreaked […]

ISLAMABAD: The tax base has been broadened significantly in the first year of the PTI-led coalition government, according to a presentation given by the Federal Board of Revenue (FBR) to Prime Minister Imran Khan on Thursday, as the number of new tax return filers has more than tripled during the period. The data showed that […]

Alibaba Group has bought the e-commerce platform of NetEase for about $2 billion and will participate in a $700 million investment in NetEase’s music streaming service, the two Chinese firms said on Friday. The move will see e-commerce titan Alibaba take control of Kaola, one of China’s top online shopping platforms for foreign brands. The […]

ISLAMABAD: In line with directives of the Prime Minister Office, the attorney general’s office is busy collecting relevant data for moving an urgent application before the Supreme Court for an early hearing of pending petitions relating to the Gas Development Infrastructure Cess (GIDC) case. On Wednesday, Prime Minister Imran Khan while withdrawing the GIDC (Amendment) […]

ISLAMABAD: The government is finalising incentives for cotton growers that may include an indicative cotton price of more than Rs3,800 per 40 kg to encourage farmers to use quality inputs to enhance output this season. PM’s Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh on Thursday presided over a meeting of stakeholders including cotton […]

KARACHI: The necessary stabilisation measures may further slowdown the pace of economic activity while the external account imbalances and related uncertainties are likely to have repercussions for the financial markets, said the State Bank on Thursday in its Financial Stability Review for 2018. Sadly the report has been issued nine months after the end of […]

ISLAMABAD: Surrendering to public outcry, Prime Minister Imran Khan finally decided on Wednesday to withdraw a controversial ordinance promulgated last week that offered Rs210 billion financial amnesty to big businesses. The government will also ask the Supreme Court of Pakistan to club all stay orders issued by various high courts and itself take an expedited […]

ISLAMABAD: Amid criticism from both government and opposition members of the National Assembly over price hike and other monetary and fiscal policies, the government on Wednesday ruled out any mini-budget in the near future, saying the improvement in revenue collection would be made through technological and administrative measures. This was the crux of a meeting […]

Samsung says it will start selling its highly anticipated folding phone on Friday, after the original launch date was delayed by months because of embarrassing problems with the screen. The South Korean tech giant said on Thursday that the Galaxy Fold is going on sale after it spent the past several months “refining” the device […]